Chainlink (LINK) Draws a Notable Uptrend & Retains Steady Support
ARPA partners with market-led decentralized oracle network—Chainlink for an added advantage of trust and reliability to off-chain data used by the company’s clients and developers. ARPA works towards providing blockchain-backed problem-solving solutions to have privacy-preserving computation.
This came way founded two years back in 2018 and is authorized by Multi-party Computation to achieve a simple goal of separating data utility from ownership and allow data renting. On the other hand, the smart contract platform, Chainlink, allows for connecting the data-enabled infrastructure outside the underlying blockchain in a smarter way.
With the assistance of Chainlink, ARPA will now be able to take access to its secured smart contracts based on the off-chain database, web APIs, and traditional banking.
.@arpaofficial is integrating #Chainlink oracles to bring reliable data to its multiparty computation (MPC) network. ARPA plans to use Chainlink Price Reference Data to support its financial services, including a DeFi lending dApp for cross-chain assets.
— Chainlink (@chainlink) June 9, 2020
Chainlink Price Analysis
On the daily chart, Chainlink’s price is trading at $4.44 and drawing a notable trend after the market crash in March. However, the volatility seems to be at bay as the market is gaining a slow yet steady blow of traction. Further, it is confirmed by the 20-day Bollinger Bands as it exhibits no extremities around the press time.
The intraday may appear quite dull and rather volatile for the traders as the currency has been moving within a narrow range of $4.32 to $4.5. At the onset of the day, today, LINK experienced a startling hit and took a steep dip at $4.38—marking the daily low against the US Dollar. However, the cumulative move of the coin is retaining steady support from 50-day and 200-day MA on a 24-hourly chart. Chainlink is one of the alts that holds inherited volatility and is ranked amongst the top 15 cryptos of the market at 14th position. Also, LINK does not seem to be influenced by the movement of Bitcoin at present and is holding an independent trade.
The MACD of the LINK coin appears flat yet holds a slight bullish crossover due to intraday recovery from the daily low hit at the onset of the day, and the RSI of Chainlink lies at 63.38 due to the increasing demand. Moreover, as per the Chainlink Forecast, the demand has been astoundingly hitting the market as it is one of the blue chips cryptos and it may regain $5 mark.